Q-Med AB Terminates Collaboration With Medy-Tox Inc.
30 Sep 2008
Q-Med AB and Medy-Tox Inc., a pharmaceuticals company based in South Korea, have together decided to terminate the collaboration that the parties entered into during 2007. The collaboration comprised the development and commercialization of new products based on botulium toxin and potential for Q-Med to distribute Medy-Tox’s existing botulinum toxin type A product.
The parties have both signed a separation agreement, amongst other things, where they agree to a financial settlement which entails Medy-Tox repaying the majority of the loan that Q-Med has given the company up until the present date. Further details concerning the repayment will not be made public, however.
The parties’ original agreement included Q-Med giving Medy-Tox a loan of up to 3 MUSD for the adaptation of facilities and manufacturing processes, and paying up to 8 MUSD on condition that certain commercial objectives were achieved.
Q-Med still aims to continue work on the development and commercialization of products within the botulinum toxin area.
Queries should be addressed to: Alexander Kotsinas, Vice president and CFO Tel: +46 (0)73 500 11 11 Madelene Sandgren, Director Investor Relations and Corporate Communications Tel: + 46 (0)70 974 90 15
Q-Med AB (publ), Seminariegatan 21, SE-752 28 Uppsala, Sweden. Corporate identity number 556258-6882. Tel: +46(0)18-474 90 00. Fax: +46(0)18-474 90 01. E-mail: info@q-med.com. Web:
In USA, Q-Med AB’s affiliate is the wholly-owned subsidiary Q-Med Scandinavia, Inc.
Q-Med AB is a rapidly growing and profitable biotechnology/medical device company. The company develops, manufactures, markets, and sells primarily medical implants. The majority of the products are based on the company's patented technology, NASHA™, for the production of stabilized non-animal hyaluronic acid. The product portfolio today contains: Restylane® for filling lines and folds, contouring and creating volume in the face, Macrolane™ for body contouring, Durolane™ for the treatment of osteoarthritis of the hip and knee joints, Deflux® for the treatment of vesicoureteral reflux, VUR, (a malformation of the urinary bladder) in children, and Solesta™ for the treatment of fecal incontinence. Sales are made through the company's own subsidiaries or distributors in over 70 countries. Q Med today has just over 700 coworkers, with close to 500 at the company's head office and production facility in Uppsala, Sweden. Q-Med AB is listed in the Mid Cap segment of the OMX Nordic Exchange in Stockholm.
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Contact:
Q-Med AB
Alexander Kotsinas,
Vice president and CFO
Tel: +46 (0)73 500 11 11
or
Madelene Sandgren,
Director Investor Relations and Corporate Communications
Tel: + 46 (0)70 974 90 15
Source: Q-Med
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